Starting on January 2023, Canada will prohibit foreign nationals from purchasing real estate — with important exceptions for permanent residents and temporary visitors, including temporary workers and international students. Bill C-19, the Budget Implementation Act of 2022, received royal assent on June 23 as the federal government works to cool the hot housing market. The temporary ban on foreign investment in Canadian residential real estate is also occurring while Ottawa is promoting the creation of more new homes with the provincial and territorial governments, municipalities, and non-profit organizations.
